The Federal Deposit Insurance Corp. continues to create entities to sell of assets tied to the failed Signature Bank.
The bridge bank created by the FDIC established two ventures, selling a 5% stake in each to Community Preservation Corp. (CPC), a nonprofit multifamily finance company.
CPC, through two affiliated entities, paid $171 million for the stakes.
The FDIC said the bridge bank contributed a total of roughly $5.8 billion of loans collateralized by rent-stabilized or rent-controlled multifamily properties to the ventures.